Would love to hear of your 2018 Pa home purchase. (York: transplants, sales)

[Mr.Retired]

Hi,

I am thinking seriously of purchasing a home in PA.
As a retiree I have researched and happy with the retirement friendly state.

I also ave studied the different counties and millage rates and am comfortable in applying them.
I have some concerns on the common level ratio


I want to hear specifically about your initial home purchase.

What was the asking price?
What was the assessed value listed at the time?
What were the taxes listed ?


More importantly what was the assessment value after the purchase?
What was the final price?
What was the new reassessment value?
What were your new taxes?



I wish to set aside a certain amount for property taxes including future increases. ( just an approximation )
I understand the increases come naturally over time.
I am trying to avoid being hit hard by a much higher reassessment value at the initial purchase.

In final please let me know if you have purchased a home and are paying lower taxes
now than originally listed and why?
Was the home purchased at a much lower price than asked for?

Any advise is so much appreciated.
Retired and looking for a beautiful place in PA.
Thank you

[MaverickDD]

Originally Posted by Mr.Retired

...
What was the asking price?
What was the assessed value listed at the time?
What were the taxes listed ?

More importantly what was the assessment value after the purchase?
What was the final price? What was the new reassessment value? What were your new taxes?

I wish to set aside a certain amount for property taxes including future increases. (just an approximation) I understand the increases come naturally over time. I am trying to avoid being hit hard by a much higher reassessment value at the initial purchase.

In final please let me know if you have purchased a home and are paying lower taxes now than originally listed and why? Was the home purchased at a much lower price than asked for?

Any advise is so much appreciated. Retired and looking for a beautiful place in PA. Thank you

Greetings Mr.Retired... and welcome to Pennsylvania! Since I relocated last year, I've developed a new mantra: "You're not in New York anymore!" (Or, in my case, New Jersey.) And when it comes to your concern about reassessment upon the purchase of your new home, you're not in New York anymore!

One way that Pennsylvania differs greatly from New York is that sales of PA real property do not trigger automatic reassessments. Generally, reassessments occur due to one of three triggers.

1) Community-wide reassessments. (Monroe County is going through this now with completion scheduled for July 2019.)

2) Building permits. You build it, you'll get taxed on it.

3) Appeals.
----- a) Think you're overcharged? Appeal by August 31.
----- b) This is one area where a buyer could be at risk. A taxing district could file an appeal based on a significant difference between a property's common-level-ratio-adjusted assessed value and its actual sales price. Although not unheard of for this procedure to be used on SFH purchases, it's primarily for commercial/industrial properties where big bucks are at stake.

Accordingly, unlike in New York, there is little concern about being hit hard by a much higher reassessment value when you initially purchase your new Pennsylvania home. That's just one more thing that makes Pennsylvania beautiful!

[Mr.Retired]

Response to MaverickDD


Thank you for clearing that important issue or reassessment at initial purchase.
I am just an old retired blue collar worker with time to teach himself how PA counties levy their
tax rates. Confusing at first but finally begun to pick up on it. Your response put the cherry atop the ice cream.
And you did it without using numbers. When you are retired and on a fixed income you have to know the
numbers to arrive at your answer. When the numbers are fixed that's great but when they vary , well then,
all hell can break loose.

Now its time to work on my remaining counties and their district and single out that final choice before I
lay down these tired bones. L.O.L.
Thanks again.

[Mr.Retired]

One more question,

Am I correct to assume that SFH means Single Family Home?

Thanks.

[charmed hour]

Originally Posted by Mr.Retired

One more question,

Am I correct to assume that SFH means Single Family Home?

Thanks.

Yes.

[420edibles]

I sold my vacation home in Ne PA at a 20% loss. The new owners are still paying taxes based on what I paid in 2006 at the top of the market. PA is screwed up in more ways than I can list. Are you sure you want to move there? ��


As a state, their debt is high. Their pension obligations and corruption are high. Their infrastructure is decaying and decent jobs are leaving the state more than entering. A healthy employment base is important even to retirees, if you want good resale value later and other reasons.

[mathjak107]

We sold our house in tanglwood north in 2012 for 235k. They sold 2 years ago for 165k. The market took a dive. The area just totally fell out of interest. Economically the poconos are depressed .

When the ski area failed all the business took a hit . Many changed hands multiple times with no success

[Mr.Retired]

That is one common thread I find a little troubling at time to hear among former PA property owners.
The word "depressed ".
I have come across a lot of this look when it comes to properties.
Lots of folks riding about in some very expensive cars ,sporting latest fashions but when it comes to the dwelling itself
I find more than less homes that have looked like they got stuck back in the 60's.....................
Odd................just so very odd.............................

[mathjak107]

depressed usually means low pay , few jobs and business just keep folding again and again as they change hands , but the area can still look nice . we have lovely homes in tanglwood north but many are transplants that came with money . but that does not change the fact the area is depressed .

the one good thing about high cost of living areas is a home worth 600k that saw 3% growth each year is a whole lot more than a home worth 150k that saw 3% growth each year . also the higher wages in high cost of living areas lead to higher social security checks . so transplants who owned homes and worked in high cost of living areas are usually in far better shape than locals are

[KnightSmoke]

The Poconos area is a nice place to retire. It’s not as fast paced as NY and you can find property with land and not be squeezed like in NJ. Plus the state doesn’t tax your retirement income.

If anything, you have to brace for the winters...